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are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very difficult to enforce. >> i'm not 100% sure that's right. i think the regulators over the past year in the time after the london whale trade of jp morgan, the one that cost them so much money, i think it's the way they're treating banks. i think they're going to be tough. >> look, tie the bonuses tha toe jobs created in the private sector. >> the problem on wall street they say they're about creating jobs but they're about creating money for themselves. >> and trading paper. >> the era when wall street cared about job creation and the rest of the country is long gone. an
are you suggesting that the volcker rule is a good first step? >> i think the volcker rule, the problem with it is that it does it go too far or doesn't it go go far, the problem with it is it's extremely complicated. it's hard to tell if you do it for your client or if you do it for yourself. and if the regulators decide two or three years from now if they're going to be as tough. >> and it looks like the regulators are not going to be tough at all and it's something that is very...
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let's start with the volcker rule. >> what is it. >> banks were allowed to do something called proprior tear trading to basically -- >> with their own money. >> uses their own money to make bets, shares on the stock market. derivatives what they are allowed to do to make basically what is called market making. and this is something that regulators are attacking. >> why was that a problem? it is their own money. >> but it also causes losses which impact the banks overall earning. >> okay. >> which is a big risk. >> you can't play with government money. >> no. and the volcker rule comes as part of a dodd frank provision, and of course what it states is that trying to put abandon trading. it is going to hurt, small business lending? it is going to hurt the jobs market. to some extent. >> i believe that. i think a lot of banks have already shut down the trading arms. i think j.p. nor ban needs to challenge it. i other banks are taking heed to this. so i think some will be effected. commercial banks don't even acknowledge this. >> what are your thoughts on g.m.'s move today? mara barra as th
let's start with the volcker rule. >> what is it. >> banks were allowed to do something called proprior tear trading to basically -- >> with their own money. >> uses their own money to make bets, shares on the stock market. derivatives what they are allowed to do to make basically what is called market making. and this is something that regulators are attacking. >> why was that a problem? it is their own money. >> but it also causes losses which impact the...
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today's approval of the volcker rule will prevent another meltdown. >>> general motors named mary bara giving her the honor of being first female ceo of any auto company. she'll replace daniel ackerson next month. i'm tony harris in new york city, "inside story" is next on al jazeera america. >> amiddlesbrough thamidst the a tribute, the story of apartheid on "inside story." >> hello, i'm ray suarez. the world said goodbye and thank you to nelson mandela in an emotional memorial service in a stadium in johannesburg. southern africa, home to some of the most important mineral deposits were racked by civil war pitting sides against each other. murdering political opponents at home and in exile. what south africa follow angola and mozambique in civil war with its large population and decades of bitterness, it created the potential of being the most dangerous of all. on this edition of "inside story" we'll be discussing nelson mandela and the process of negotiation that kept south africa from tearing each other apart. dignitaries, family, friends, and south africans of all color, thousands
today's approval of the volcker rule will prevent another meltdown. >>> general motors named mary bara giving her the honor of being first female ceo of any auto company. she'll replace daniel ackerson next month. i'm tony harris in new york city, "inside story" is next on al jazeera america. >> amiddlesbrough thamidst the a tribute, the story of apartheid on "inside story." >> hello, i'm ray suarez. the world said goodbye and thank you to nelson mandela...
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five years after the financial crisis federal regulators approve what is known as the volcker rule. the 953 page rule won't take effect until 2015. on wall street 'tis the season for bonuses. they are expected to rise by as much as. %, but it isn't the usual suspects, al jazeera has the story. ranges from the thousands to the many millions they can comprise up to 80% of wall street packages. this season, payouts are expected to rise for the second year running but the spoils won't be shared equally. a deal means bonus for investment -- who advice firms are expected to be five to 10% lower than last year. >> the fixed income, they guessed it wrong, with the tapering of the fed and so forth. so they were on the wrong side of those trades. allen johnson produces a slowly watched survey. according to him, low risk steady income generators like mutual fund are this year's bonus winners and should enjoy a ten to 15% butch on the heels of soaring stock prices. historically, the big banks -- we have seen a change. mutual funds and other things are paid at least as well if not more and that
five years after the financial crisis federal regulators approve what is known as the volcker rule. the 953 page rule won't take effect until 2015. on wall street 'tis the season for bonuses. they are expected to rise by as much as. %, but it isn't the usual suspects, al jazeera has the story. ranges from the thousands to the many millions they can comprise up to 80% of wall street packages. this season, payouts are expected to rise for the second year running but the spoils won't be shared...
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on tuesday five regulators approved a volcker rule. it bans banks that take federally insured deposits from engaging in trading. there are some exceptions, but it's a major step towards changing the culture of risk taking on wall street that contributed to the financial crisis. the 900-page rule doesn't get into effect until july 2015. it attempts to protect main street by requiring banks to prepare pay packages that don't reward risky trading. this is the time of year that pay is very much on the minds of wall street, because we have now reached bonus season. this year wall street bonuses are expected to rise 5% to 10% on average, but jobs that involve taking big risks which used to pay the most and which some critics blame for tanking the economy are no longer reaping the biggest rewards. patricia has the story. >> it's the big payday that fattens wallets on wall street and fuels the ire of main street. year-end bonuses can comprise up to 80% of wall street pay packages. this season payouts are expected to rise for the second year ru
on tuesday five regulators approved a volcker rule. it bans banks that take federally insured deposits from engaging in trading. there are some exceptions, but it's a major step towards changing the culture of risk taking on wall street that contributed to the financial crisis. the 900-page rule doesn't get into effect until july 2015. it attempts to protect main street by requiring banks to prepare pay packages that don't reward risky trading. this is the time of year that pay is very much on...
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. >>> the controller rul volcker n the books. and the move comes nor than five years after the start of the financial crisis. >>> and a budget deal that would avoid another government shutdown has been reached. u.s. congress budget negotiators reached a two-year agreement that would reduce automatic spending cuts by $63 billion over two years provide additional $23 billion in deficit reduction over 10 years. many lawmakers are skeptical whether iran will live up to the terms of the deal. some members of congress are pushing for new sanctions against iran. kerry urged them to hold off saying the u.s. needs some time to work towards a final agreement. >> once implemented, and it will be in the next weeks, this amendment halts the progress of iran's nuclear program. it rolls it back to certain places for the first time in ten years. it's provides unprecedented monitoring and protections. while we negotiate, we'll see if we can conclude a comprehensive agreement. >> from washington, d.c. the foreign policy project director at the bip
. >>> the controller rul volcker n the books. and the move comes nor than five years after the start of the financial crisis. >>> and a budget deal that would avoid another government shutdown has been reached. u.s. congress budget negotiators reached a two-year agreement that would reduce automatic spending cuts by $63 billion over two years provide additional $23 billion in deficit reduction over 10 years. many lawmakers are skeptical whether iran will live up to the terms...
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we will break down the final version of the volcker rule coming up. and that's the end of the road for the volkswagen minibus. they are going to stop making it altogether because of new safety and environmental regulations. there is a beautiful old one. it has been on the road since 1950. ♪ >> in wall street, this is a big day for the volcker rule, the one with a bunch of new regulations meant to ban proprietary trading at big banks. that means they cannot trade money that does not help the clients. fed chair ben bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity funds. the language is very important. it is tougher on the hedging si
we will break down the final version of the volcker rule coming up. and that's the end of the road for the volkswagen minibus. they are going to stop making it altogether because of new safety and environmental regulations. there is a beautiful old one. it has been on the road since 1950. ♪ >> in wall street, this is a big day for the volcker rule, the one with a bunch of new regulations meant to ban proprietary trading at big banks. that means they cannot trade money that does not help...
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wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go back to the future. if the economy improves, investment banking is going to get stronger. do --raining that they the trading that he do for their clients, which is always a fine a $2-- when you buy billion portfolio for your client and then you hold it on your balance sheet, is that a proprietary trade, when does it become a proprietary trade? they will be doing a lot of that. it will be doing a lot of management. wall street will figure out a way to make money once they figure out the rules. in 2014, are we going to get back to where the bankers, globally, have skin in the game? >> no, we're not. >> we ar
wall street is front and center with the volcker rule. >> my agenda is definitely the volcker rule. it was meant to be voted on today, but the snow you just saw, for those of you on radio, it is coming down heavily in d.c. stilld, fdic, and occ plan to meet and vote on the rule that bans banks from crosstraining. at rule will be released 9:30 a.m. we hope to risk -- to see the results an hour after that. i know you hate the rule, but how do banks make money? >> they may have to go...
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the buzzword is volcker rule. there are headlines, saying volcker rule will put in place tough restrictions on pressing the eu and asia to match financial oversight. >> i would point out, 8:30 a.m. 'sis morning, president draghi press conference at the ecb is a big deal. let's get to company news. >> we start with a setback for bitcoin in china. findountry's central-bank -- banning financial firms from handling bitcoin transactions. it says bitcoin lacks real meaning and does not have the same legal status as other countries. those and china can use the currency as long as individual take on the risk themselves. china mobile moves a step closer to offering the iphone. the world's biggest phone company won state approval for a four g network in the clearing the way for china mobile to eventually offer the iphone in the country. southwest gains from the american airlines-u.s. airways flight-- it will gain slots according to the terms of the antitrust settlement. southwest and virgin are said to pick up 34 daily land
the buzzword is volcker rule. there are headlines, saying volcker rule will put in place tough restrictions on pressing the eu and asia to match financial oversight. >> i would point out, 8:30 a.m. 'sis morning, president draghi press conference at the ecb is a big deal. let's get to company news. >> we start with a setback for bitcoin in china. findountry's central-bank -- banning financial firms from handling bitcoin transactions. it says bitcoin lacks real meaning and does not...
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and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired? >> the trouble has not been over the last few days, but over the past five years. there's never been a situation where the president has been treated the way he has by congress. it is no wonder that people feel the way they do about congress. we have had untoward abstraction on everything. the common nation was after five years, that the recognition was after five years. we change the rules. >> are those permanent? >> it is so important. this way no matter who is president, i do not know how people can complain about the majority. people talk about the filibuster as if it were something that is next to the 10 commandments. the filibuster is not part of the constitution. it was developed to help get legislation passed. it is good for the country. who could complain about majority voting? >> with th
and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired? >> the trouble has not been over the last few days, but over the past five years. there's never been a situation where the president has been treated the way he has by congress. it is no wonder that people feel the way they do about...
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bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity funds. the language is very important. it is tougher on the hedging side of things, things like the london whale trading that jpmorgan went through. we might know exactly -- we might not know exactly how the rule will impact banks. one analyst is not expect all that much. >> traditional market-making activities will be perfectly allowable. what the fed will ultimately be looking at is defining this as a gray area. they probably will not define market-making specifically. they probably will take a "we know it when we see it" approach and if they see too much beatility, that
bernanke says the volcker rule will limit risk- taking. it has been many years in the making. >> i don't think they should make it all that complicated. why are we sitting here three years later? >> where do we stand now, and what exactly is this? >> it does ban proprietary trading for banks on wall street, trading off their own accounts, trying to profit off their own accounts. it also bans them from participating with some limitations and hedge funds and private equity...
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volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i am francine blackwell. -- francine lacqua. let's get you some company news. blackstone is expected to price its hilton hotels ipo later today. it is the biggest hotel ipo on record. foxconn is launching an investment fund to finance wearable technology startups. foxconn is the maker of apple's iphones and ipods but it wants to expand beyond manufacturing as phone sales challenge the company's goals of 15% annual revenue growth. lloyds banking group has been fined 28 billion pounds by the u.k. financial conduct authority. the fine is for serious failing to c
volcker rule with professor spence. pages, it deserves a lot of scrutiny. >> tom, thank you so much. i am looking forward to surveillance and 20 minutes. coming up, more on the volcker rule. wall street let out a sigh of relief yesterday as it stopped short of some of the strictest bans. we will take stock of what this means for the banking industry next. ♪ >> welcome back. you are watching "the pulse." we are alive form london. off to radio. i am guy johnson. >> i...
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will the volcker rule work? how is it going to work? >> it is only going to work out if there is constant vigilance on the part of regulators. there will be so much discretion to the five regulators charge of overseeing it. they have to be in the banks learning about their models and their best practices and how to distinguish what is huge bets and what is regular banking at david e. >> are there loopholes or legal challenges? >> i believe hundreds of lawyers are trying to figure that out as we speak. the door is open to loopholes. so rules are written vaguely. it depends on whether regulators try to close out this language and what kind of agreement can be found between regulators and the compliance offices within these banks on what these definitions on's regulative trading and hedging actually mean in practice. will be "less liquid markets, higher transaction costs, a weaker financial system, and richard lawyers." lawyers." >> that is a pretty dire protection. it could be worth it from a regulatory it. you do not know. my problem wit
will the volcker rule work? how is it going to work? >> it is only going to work out if there is constant vigilance on the part of regulators. there will be so much discretion to the five regulators charge of overseeing it. they have to be in the banks learning about their models and their best practices and how to distinguish what is huge bets and what is regular banking at david e. >> are there loopholes or legal challenges? >> i believe hundreds of lawyers are trying to...
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what is our fear of the volcker rule. >> our fear of a volcker rule -- cost ofker rule the imposing restrictions that we think will limit the potential for systemic risk will be higher than we expect. so the benefit cost analysis, toch is sort of, do too much prevent potential damage in the future and pay those costs now or don't do that and then run these risks. that is the trade-off we have. and the people who don't like the volcker rule, other than those that are self interested, the ones who say those restrictions are powerful enough to produce cost. within thely analysis, and the sophisticated analysis, title one and type two, what most of our viewers would say is, yes, but we are not in a vacuum of manhattan, we are not in the vacuum of vacuum of, not in the the united states. we are doing it in a complex global system. volcker rule the succeed if not in the united states? on the other hand, if it generally creates an increment to the stability of the financial markets that are so liquid and deep here, it may turn into a competitive advantage, tom. the 1930s,ngton of ben bernanke, our chai
what is our fear of the volcker rule. >> our fear of a volcker rule -- cost ofker rule the imposing restrictions that we think will limit the potential for systemic risk will be higher than we expect. so the benefit cost analysis, toch is sort of, do too much prevent potential damage in the future and pay those costs now or don't do that and then run these risks. that is the trade-off we have. and the people who don't like the volcker rule, other than those that are self interested, the...
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regulators approve the volcker rule. will it make the financial system safer? we have a panel to answer the question. and later on, john, paul, george, and ringo -- well, they sort of joined me. we will talk to the members of strawberry fields about the business of tribute bands. ♪ x after years of debate among the volcker rule was approved by all five u.s. regulators. allows some exemptions for hedging and market making. it also limits hedge funds and private equity investments. and to to discuss this find out whether this will make our financials any safer, donald linson, and joining us from washington dc parts of thensform legislation. with its effects on wall street, daniel alpert. atounding managing partner lamson capital. rule?s in the volcker what is it all about? >> you have a very nice summary. thank you for having me. things.two it tries to restrict proprietary trading and investments in hedge funds, and it takes 950 pages to do it. >> if it takes 950 pages to do it, can you explain exactly why it takes so many pages to put ofether the details somet
regulators approve the volcker rule. will it make the financial system safer? we have a panel to answer the question. and later on, john, paul, george, and ringo -- well, they sort of joined me. we will talk to the members of strawberry fields about the business of tribute bands. ♪ x after years of debate among the volcker rule was approved by all five u.s. regulators. allows some exemptions for hedging and market making. it also limits hedge funds and private equity investments. and to to...
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- of the volcker >> our clients are not talking about it. i think this is a wall street phenomenon and the news media 20 carry it. probably, if history is our guide, they will over regulate and make some adjustments over time. but i think the concept of the full parole is good for the markets. >> you think -- of the volcker role promotes the markets. -- is good for the markets. >> you think it promotes stability? >> i think it makes it more stable and we have to make sure the banks and big financial institutions do not trade against clients. it is one thing to provide liquidity and another thing to trade against clients. perhaps before the regulation came and we had gotten too carried away. >> brinks were -- things were known to have done that. you mentioned hedge funds, more money going into there, where specifically do you see opportunities? >> as i said, i think certain hedge funds provide great risk opportunities. i have told you before, we like japan. it has been one of our biggest positions for the year and has turnout deceptively well
- of the volcker >> our clients are not talking about it. i think this is a wall street phenomenon and the news media 20 carry it. probably, if history is our guide, they will over regulate and make some adjustments over time. but i think the concept of the full parole is good for the markets. >> you think -- of the volcker role promotes the markets. -- is good for the markets. >> you think it promotes stability? >> i think it makes it more stable and we have to make...
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our markets editor manus cranny has more on the volcker rule. david tweed has an update on the eu's bank failure plan. banks? a victory for the did bank lobbying actually pay off? >> i think probably yes. a lot of lobbying and they got a delay through to 2015 in terms of implementing volcker. what is the rule mean? i think it is good for liquidity. it is good for the customer and it brings ceos to heal. the biggest issue with the volcker rule was the difference between what you do on a trading desk and what you do on a market-making desk. there are broad exemptions for market-making. you don't pay the staff as used up a proprietary traders. foreign bonds, you can train those but you can pick and mix on hedging. the exemptions are there. say, i know that my clients probably need that amount of inventory for me to meet their needs. the big issue for the banks was, you're going to frighten liquidity away. >> jamie dimon was very active in the debate around the volcker rule. -- londonnding well whale trading incident? >> when we look at this, this w
our markets editor manus cranny has more on the volcker rule. david tweed has an update on the eu's bank failure plan. banks? a victory for the did bank lobbying actually pay off? >> i think probably yes. a lot of lobbying and they got a delay through to 2015 in terms of implementing volcker. what is the rule mean? i think it is good for liquidity. it is good for the customer and it brings ceos to heal. the biggest issue with the volcker rule was the difference between what you do on a...
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moving from volcker to this, everybody. all day today we're taking you inside u.p.s., the world's biggest packaging delivery company this year sbrounsed orion, a system that crunches data to save a fraction of a mile on a driver's daily route. our chief correspondent carol masser is at world port, u.m.s.'s hub in louisville. let's talk about it. why is it such a big deal because a fraction doesn't sound like much. >> you're right but if you add the fractions of a mile especially when you have so many drivers driving so many miles it potentially adds up to savings for u.p.s. this company has been working on orion for more than a decade and basically the u.p.s. softwarer ining came up with a algorithm that works with the physics of the driving right. >> this is the orion, the algorithm that makes u.p.s. tick. >> algorithm isn't something you expect to hear. but orion is changing the delivery. >> we're the trucking company that had the technology. the truth is we're a technology company that has trucks. >> orion is a program 1
moving from volcker to this, everybody. all day today we're taking you inside u.p.s., the world's biggest packaging delivery company this year sbrounsed orion, a system that crunches data to save a fraction of a mile on a driver's daily route. our chief correspondent carol masser is at world port, u.m.s.'s hub in louisville. let's talk about it. why is it such a big deal because a fraction doesn't sound like much. >> you're right but if you add the fractions of a mile especially when you...
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he conducted a study on the volcker rule's impact on bank and infrastructure. welcome to "bottom line." what is your reaction to the final language that is contained in the volcker rule? is it stricter than you anticipated? final rule imposes significant requirements on all banks. all banks will no longer be able to engage in proprietary trading. that is the short-term speculative trading that it is intended to prevent. the largest banks will be impacted more significantly so not only will they not be able to engage in proprietary trading , they will also have to incur significant compliance costs such as reporting metrics to the supporting aalso belts and suspenders internal compliance regime. >> the rule is 920 pages long. exemptions several that allow banks to continue proprietary trading in some instances. does that mean the rule will not completely limit excessive risk- taking? the rule for proprietary trading is a difficult thing to do. the reason is because it is difficult to distinguish proprietary trading from the types of transacting that are good for
he conducted a study on the volcker rule's impact on bank and infrastructure. welcome to "bottom line." what is your reaction to the final language that is contained in the volcker rule? is it stricter than you anticipated? final rule imposes significant requirements on all banks. all banks will no longer be able to engage in proprietary trading. that is the short-term speculative trading that it is intended to prevent. the largest banks will be impacted more significantly so not only...
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the final version of the volcker rule was passed that no one is complaining. we continue our conversation with the former chair and ceo of wells fargo. is it possible to have a win win win? the banks, the anti-bank activists, and the regulators seemed pleased with the way the parole or rule turned out. rulee way the volcker turned out. >> the details have to be worked out but the framework seems to be reasonable. are two overarching truths that we must be sure that we understand. the first one is that there is no evidence that proprietary trading either caused or even contributed to the financial crisis and that has not been portrayed that way. the value that banks , businesses,conomy and consumers is taking risks. we add no value unless we take risks. there is a perception out there that we should be eliminating the risks and banks. if he did that, he would not perform the duty. the businesses will grow, consumers can get loans. -- volckerl rule rules not made for your kind of bank. they took the approach that the best hedge against bad credit was good underw
the final version of the volcker rule was passed that no one is complaining. we continue our conversation with the former chair and ceo of wells fargo. is it possible to have a win win win? the banks, the anti-bank activists, and the regulators seemed pleased with the way the parole or rule turned out. rulee way the volcker turned out. >> the details have to be worked out but the framework seems to be reasonable. are two overarching truths that we must be sure that we understand. the...
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. >> before we get back to hedge funds, what do you make of the volcker rule? will it change the tone in any way? >> our clients are not talking about it. this is a wall street phenomenon. i think that probably, if history is our guide, they will over regulate and make adjustments over time. the concept of the volcker rule is good for markets. >> you feel like you promote stability? things cannot go out on the ledge and take unnecessary risks. >> i think that makes it more stable. we have to make sure that the banks and big institutions do not trade against clients. it is one thing to provide liquidity and it is another to trade against clients. perhaps before the regulation came in, we had gotten too carried away. >> the banks well known to have done them. you mentioned hedge funds. where specifically do you e opportunities in the new year? >> i think that certain hedge funds provide great risk and return opportunities. we like japan. it has been one of our best positions. it has turned out exceptionally well. but it is early in the game. it is the third or fo
. >> before we get back to hedge funds, what do you make of the volcker rule? will it change the tone in any way? >> our clients are not talking about it. this is a wall street phenomenon. i think that probably, if history is our guide, they will over regulate and make adjustments over time. the concept of the volcker rule is good for markets. >> you feel like you promote stability? things cannot go out on the ledge and take unnecessary risks. >> i think that makes it...
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government regulators on the verge of signing off on the volcker rule. that may affect $44 billion in revenue for the numeral five biggest banks. carl icahn is turning up the heat on apple. the billionaire investor wants shareholder votes to boost its stock buyback plan. apple is in the spotlight this morning, trying to move closer to offering the iphone to its customers. journal" street reports that a deal has been inked. jon erlichman is in l.a. with more on the push to put iphones in the pockets of chinese. they have been called the one thing that could help apple see its stock price go up even more. >> the numbers explain why. this would be a hugely important development for apple, betty. china, a mobile care that is 750 million subscribers. you're talking about a carrier that makes at&t and verizon look tiny in comparison. a lot of those subscribers -- it is always important to highlight -- haven't moved the world of smartphones are the kinds of devices that apple sells. but they are still about 175 million of those customers who pipering those devi
government regulators on the verge of signing off on the volcker rule. that may affect $44 billion in revenue for the numeral five biggest banks. carl icahn is turning up the heat on apple. the billionaire investor wants shareholder votes to boost its stock buyback plan. apple is in the spotlight this morning, trying to move closer to offering the iphone to its customers. journal" street reports that a deal has been inked. jon erlichman is in l.a. with more on the push to put iphones in...
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>> the volcker rule has passed. reaching a deal, u.s. lawmakers announce a two-year budget plan to avoid a fresh government shut down. , thernings are breaking latest billionaire to top list.s welcome to countdown. >> it is 6:00 in london and we have some big interviews coming up. we will be speaking to the ceo and founder. biggest telecom company . >> the secretary of state for pulse." will join "the warm welcome to the program. it is wednesday morning. bloomberg reporters are standing by to deliver the stories. into ditex earnings have just been released. >> david tweed is standing by in berlin. european business correspondent has the latest. barclays african unit is revamping its operation. >> let's get to the breaking news. the spanish retailing giant is telling us. >> it is a very slight miss. for 12.mate was if you looking at profitability, that is promising. they in the quarter with 6200 49 stores. the majority of those are in spain. when we talk about inditex , we are talking about the likes of zara, you get the designs off the p
>> the volcker rule has passed. reaching a deal, u.s. lawmakers announce a two-year budget plan to avoid a fresh government shut down. , thernings are breaking latest billionaire to top list.s welcome to countdown. >> it is 6:00 in london and we have some big interviews coming up. we will be speaking to the ceo and founder. biggest telecom company . >> the secretary of state for pulse." will join "the warm welcome to the program. it is wednesday morning. bloomberg...
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who benefits from the volcker rule? you have the bigger firms and the boutique, smaller firms like you. are you the winner? >> first of all, notwithstanding that, i have been outspoken about having a volcker rule that was benign, not really aggressive. the reason -- >> you didn't get your wish. >> the reason i took that position is i felt one of the great strengths of the american economy is our liquid capital markets, and i think the volcker rule, particularly as it was originally constructed, was an impediment to the liquidity of our markets, and therefore was actually anti-competitive for the u.s. >> will there be fewer jobs in the united states, or is it a distinction that a major firm, lazard or evercore, says that team of people, we love them in london? >> first of all, we don't do any of these -- >> i understand. >> first of all, it is probably going to add jobs in the financial services industry because you are going to have so many checkers and complaints people -- >> mr. dimon has confronted this already. >> i
who benefits from the volcker rule? you have the bigger firms and the boutique, smaller firms like you. are you the winner? >> first of all, notwithstanding that, i have been outspoken about having a volcker rule that was benign, not really aggressive. the reason -- >> you didn't get your wish. >> the reason i took that position is i felt one of the great strengths of the american economy is our liquid capital markets, and i think the volcker rule, particularly as it was...
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some types of trading have been curbed in the final version of the volcker rule. the ban has been contested by wall street banks for more than three years. leaders around the world are gathering in johannesburg to pay tribute to nelson mandela. it is expected to draw 90,000 people. away last week at the age of 95. let's talk about the markets. we have not done that a great deal this morning. manus cranny is at the touchscreen with more. , we have media stocks rising, insurers are moving resources. industrial production came in better in italy than we anticipated. a rise here in the u k dovetail that with the carney comments, which is about a cautionary note about stepping back from low rates. record ines are at a the u.k. french industrial production, that disappointed. dollar is sideways trading as we wait for mario draghi to speak. he will be speaking in rome later on. it trades at 1.37. euro isall trend in the higher over the past three months. the overall trend in sterling is higher over the past three months. all of this deliberation over the talk of tapering
some types of trading have been curbed in the final version of the volcker rule. the ban has been contested by wall street banks for more than three years. leaders around the world are gathering in johannesburg to pay tribute to nelson mandela. it is expected to draw 90,000 people. away last week at the age of 95. let's talk about the markets. we have not done that a great deal this morning. manus cranny is at the touchscreen with more. , we have media stocks rising, insurers are moving...
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that was not the intended goal of the volcker rule. so you have regulators that have lobbied aggressively trying to discern exactly how to write this language and protect those businesses without undoing the goal of the original rule which was to prevent against more risk in the system. been leading the push to write the toughest language possible notable because he is the former goldman sachs executive. on final rule up for vote tuesday. banks to showe that they are hedging a specific risk. not their entire portfolio. the speech on regulation here in washington signaling. risky proprietary trading while protecting economically essential activities like market making. the rule prohibits risky trading that like the london whale with mitigating hedges. it puts in place strong compliance requirements in charge of financial institutions to make sure that the tone at the top sends the right signal to the whole firm. >> the reference to the london whale significant because it was trying a portfolio hedge. the bottom line is that it will not
that was not the intended goal of the volcker rule. so you have regulators that have lobbied aggressively trying to discern exactly how to write this language and protect those businesses without undoing the goal of the original rule which was to prevent against more risk in the system. been leading the push to write the toughest language possible notable because he is the former goldman sachs executive. on final rule up for vote tuesday. banks to showe that they are hedging a specific risk....
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first, the volcker rule became a reality, issuing in a new era of oversight for our country's biggest financial institutions. then last night, house and senate negotiators reached agreement on a budget deal in what democratic senator patty murray called an important step in helping to heal some of the ones in congress. is a top republican on the budget committee and also the head of wall street's largest lobbying group. welcome senator judd gregg back to the show. >> how are you? >> i'm good. let's talk a little bit about this budget deal. do you think it is enough? >> no, it's not enough, but it is a very significant step. up until now we really have not had both parties at the table in a constructive way. what you see with this agreement is that senator murray and congressman ryan have shown that there is a way to reach agreement, that there is a path forward that can be bipartisan. are taught him and reform, and you cannot do that unless you do it in a bipartisan way. the fact that the process has been set up where it agreement can be reached may have a significant impact on the de
first, the volcker rule became a reality, issuing in a new era of oversight for our country's biggest financial institutions. then last night, house and senate negotiators reached agreement on a budget deal in what democratic senator patty murray called an important step in helping to heal some of the ones in congress. is a top republican on the budget committee and also the head of wall street's largest lobbying group. welcome senator judd gregg back to the show. >> how are you? >>...
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regulators are expected to unveil the final version of the volcker rule. we are going to be taking you behind closed doors at the largest package delivery company. bloomberg goes inside ups during its busiest time of the year. it is when the elves start to put all of the presence together. -- all of the presents together. the founder of lululemon is stepping down as chairman. we will tell you more about the yoga pants maker. chip wilson will be replaced. christine day will depart as expected and will be replaced. a lot of changes going on. because of all of the controversy over the sheer pants. >> in their defense, it has been a massively growing company. hi, short interest. questions about inventory. the scandals about the comments from the ceo. of they a classic case could have handled it much better once they made the misstep. instead, they stumbled, they took too long to repair the situation. as you say, the founders founder's comments were not listen to hear for some women. fish stinks from the head. problemnot beinthe lulu anymore. >> we're going to
regulators are expected to unveil the final version of the volcker rule. we are going to be taking you behind closed doors at the largest package delivery company. bloomberg goes inside ups during its busiest time of the year. it is when the elves start to put all of the presence together. -- all of the presents together. the founder of lululemon is stepping down as chairman. we will tell you more about the yoga pants maker. chip wilson will be replaced. christine day will depart as expected...
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he what time to touch him he volcker rule -- touch on the volcker rule. and kevin roberts will join us, saatchi andondon's saatchi. the controversial theme, the death of marketing. surprisedr beyoncÉ the world with the release of her album friday and over the a huge, it has been success for her, almost anti- marketing. >> you market yourself, right? social media. she believes that her self. the marketing becomes the power --it used to be the person market. deal.uge she sold well over 300,000 units -- albums and not singles. beyoncÉ really taking over the direction of the columbia records effort. be about, my hero, peter o'toole, dip it cannot convey what it was like hearing my parents argue whether i could go see "lawrence of arabia" a few years ago. >> i wish i could have heard that debate. [laughter] who won. >> my mother won. my father was right. it was gory, hugely controversial at the time, the blood and the gore. to break, speaking of beyoncÉ's surprise album, it could be third-largest debut. one of the tracks she recorded with hubby jay-z. "drun
he what time to touch him he volcker rule -- touch on the volcker rule. and kevin roberts will join us, saatchi andondon's saatchi. the controversial theme, the death of marketing. surprisedr beyoncÉ the world with the release of her album friday and over the a huge, it has been success for her, almost anti- marketing. >> you market yourself, right? social media. she believes that her self. the marketing becomes the power --it used to be the person market. deal.uge she sold well over...
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at thee going to look volcker rule. the secretary of the treasury will announce the path to next week's implementation of the volcker rule. and it's extent it's -- and its acceptance by the banking industry. timothy adams will join us from the bankers lobbying group. , formally with treasury. he will talk to us about the volcker rule. it is as thick as one of lord skidelsky's biographies. it is up to 950 pages long. it has become a big document from a memo. we will go over that. we will also look at a really exciting news in america. to strike magic a second time with a mustang. you do not remember this, i do. , the auto world change with the mustang. we will speak to mark fields. later, to alan mulally as ford relaunches that classic car. >> i have seen the bullet, tom. my dad had a mustang. i feel it i am a part of american auto industry. when ias a big deal cannot. you have the camaro from gm, it has been a big challenge. the show. forward to up next, we are back with economic historian and u.k. house of lords member
at thee going to look volcker rule. the secretary of the treasury will announce the path to next week's implementation of the volcker rule. and it's extent it's -- and its acceptance by the banking industry. timothy adams will join us from the bankers lobbying group. , formally with treasury. he will talk to us about the volcker rule. it is as thick as one of lord skidelsky's biographies. it is up to 950 pages long. it has become a big document from a memo. we will go over that. we will also...
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greenspan, volcker, yellen were ther. -- were there. he said history will judge me over time, not right now. the recovery i hope to achieve has not happened and it will not happen on his watch by january 31. he knows the jury is out. legacy question on ben bernanke in times of crisis management has been answered, but the economic progress that he hoped to gain -- we do not have a grade. >> you will be at the press conference, what are you going to ask? >> i cannot give it away, i have money of questions. what do you want to ask? >> i want to know where he is going on vacation. he has had a stressful period. who would want a nice endorsement? >> this is someone who has earned time off after the last eight years. maybe he goes back to academia. rumors about him becoming a candidate to be the next commissioner of baseball. would that be the right job? maybe he will go back to the new jersey school board. >> he and mary jo white can sit around talking baseball. a huge yankees fan, peter knows this. mary jo white -- >> he is a big nationals
greenspan, volcker, yellen were ther. -- were there. he said history will judge me over time, not right now. the recovery i hope to achieve has not happened and it will not happen on his watch by january 31. he knows the jury is out. legacy question on ben bernanke in times of crisis management has been answered, but the economic progress that he hoped to gain -- we do not have a grade. >> you will be at the press conference, what are you going to ask? >> i cannot give it away, i...
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the concept of the volcker rule is good for markets. >> you feel like you promote stability? things cannot go out on the ledge and take unnecessary risks. >> i think that makes it more stable. we have to make sure that the banks and big institutions do not trade against clients. it is one thing to provide liquidity and it is another to trade against clients. perhaps we had gotten too big. >> the banks for known to have done them. you mentioned hedge funds. where specifically do you see opportunities in the new year? >> i think that certain hedge funds provide great risk and return opportunities. we like japan. it has been one of our best positions. it has turned out exceptionally well. it is the third or fourth inning in japan after 20 years of difficult markets. we think we are in an interesting time. >> they have gone up something like 50% this year. >> it is a closed in and an etf. what that one does is, it is short the yen. it is a double bid. if you think the yen is going lower -- >> constellation wealth advisors' paul tramontano. funds are just one of the choices that a
the concept of the volcker rule is good for markets. >> you feel like you promote stability? things cannot go out on the ledge and take unnecessary risks. >> i think that makes it more stable. we have to make sure that the banks and big institutions do not trade against clients. it is one thing to provide liquidity and it is another to trade against clients. perhaps we had gotten too big. >> the banks for known to have done them. you mentioned hedge funds. where specifically...
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and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired? >> the trouble has not been over
and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired? >> the trouble has not been over
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i wanted to check it because the volcker rule is being approved. expected tors approve it by the end of the day. talking with chris whalen about what it means for the bank. i have been preparing for this day for quite some time. gilead sciences one of the worst performers in the s&p 500. hepatitis c drug they are preparing to come to the market. an executive says it is going to spark a drug war among hepatitis c drug makers. finally, starbucks down after an analyst said that same-store sales may be slowing in the u.s. to around six percent from around eight percent the prior order. in.rra is ackerson is out. she has been groomed for this role, having spent over 30 years at the automaker. recently ahead of product development. i have worked for general motors for 33 years. i work with a ton of wonderful people. i always have been evaluated on what i contributed and what results i was able to obtain. we come together as a team. , oring a car, truck crossover on the road is a team sport. i view myself as part of a team. >> since yesterday, the treasur
i wanted to check it because the volcker rule is being approved. expected tors approve it by the end of the day. talking with chris whalen about what it means for the bank. i have been preparing for this day for quite some time. gilead sciences one of the worst performers in the s&p 500. hepatitis c drug they are preparing to come to the market. an executive says it is going to spark a drug war among hepatitis c drug makers. finally, starbucks down after an analyst said that same-store...
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he is thinking about the final version of the volcker rule. it is coming out this week. >> there's a possibility we are going to go too far. i'm not being a pessimist. i am being pretty pragmatic. i do think i know more about the markets then most. i am alarmed that it may be too far it may have some unintended issues that could be impactful. >> he is alarmed at the leverage ratios. >> and expresses i do not believe will be coming from banks. it may not come in financial services. maybe it is technology. it will be cybersecurity. the big crisis i do not think will be in an ansell services. >> number two is the blackrock president. he says it is time to be a little cautious. time, people are very concerned about their future investment. they have seen the stock market do pretty well. they are concerned about where bonds are. they're looking to squeeze more return out of their assets. how much more can they squeeze when they have the finger on the button? we have an institute that an exhaustiven way. over half of our senior portfolio managers th
he is thinking about the final version of the volcker rule. it is coming out this week. >> there's a possibility we are going to go too far. i'm not being a pessimist. i am being pretty pragmatic. i do think i know more about the markets then most. i am alarmed that it may be too far it may have some unintended issues that could be impactful. >> he is alarmed at the leverage ratios. >> and expresses i do not believe will be coming from banks. it may not come in financial...
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what has reflected the volcker rule? >> they do not want to damage that. they will be vague and leave someone will room for the banks to continue to run their business. if they shut down their business, which largely, they have, that will satisfy regulators. will have to see next week. thank you so much michael moore. we appreciate your insight.
what has reflected the volcker rule? >> they do not want to damage that. they will be vague and leave someone will room for the banks to continue to run their business. if they shut down their business, which largely, they have, that will satisfy regulators. will have to see next week. thank you so much michael moore. we appreciate your insight.
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. >> one of the most contentious topics they had to consider was the volcker rule. >> it was probably amongst the most challenging. we were involved with 68 final guidances in rules and orders. that is the most challenging. to prohibit on one hand proprietary trading record raise the risk of taxpayers. it does look like that one is in the courts as well. >> you were not afraid to but heads with the folks on wall street, former colleagues there, and regulators overseas. i heard dan gallagher said at one point in -- among european regulators, your name is like a curse word. are you ok with that? >> we are good friends and we used to commute from baltimore together. we chat about it and laugh about it since he said those words. i am all right and we remain good friends. >> you had to throw a few elbows along the way. >> i look at it this way. these are really important matters. the financial market derivatives is 400 trillion dollars in size. that is nearly $25 for every five dollar in our economy. there is no doubt there will be differences at times. we were trying to bring transparency
. >> one of the most contentious topics they had to consider was the volcker rule. >> it was probably amongst the most challenging. we were involved with 68 final guidances in rules and orders. that is the most challenging. to prohibit on one hand proprietary trading record raise the risk of taxpayers. it does look like that one is in the courts as well. >> you were not afraid to but heads with the folks on wall street, former colleagues there, and regulators overseas. i heard...
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and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired?
and also the volcker rule. and talking about paul ryan's future. we begin the show with the senate majority leader harry reid. thank you for being with us. you do not need another all- night session. does this mark the end of this war that has transpired?